Great lot located on the open water. Lot has been cleared and ready to build on. Has a sea wall in place also. Amazing sunsets views for this property. BEST PRICED LOT on Open Water in Orange Beach. This is an equitable interest listing where seller is selling only an option contract or assigning an interest in a contract, such as a purchase and sale agreement or a contract for deed. In this situation, the seller does not have legal title to the property, but the equitable interest gives seller the right to acquire legal title.